Key Takeaways
- The best nationwide CD rates held their ground in all but one term this week. The top 3-month rate dropped from 5.00% to 4.85% Tuesday.
- Overall, the top nationwide rate remains 5.50% on an 8-month CD from Nuvision Credit Union. But the fine print says that offer will sunset on Nov. 30, meaning you have just one week left to snag it while you can.
- In the runner-up slot are five CDs paying 5.00%, on terms of 6 months to 1 year. The longest of these, from Apple Federal Credit Union, would let you lock in a 5% return until next Thanksgiving.
- Or consider a multi-year CD to extend your rate lock to 2026, 2027—even late 2029.
- With the Fed expected to make additional rate cuts next year—and possibly one in December, CD rates will almost certainly move lower. So, the sooner you grab an offer you like, the better.
The full article continues below these offers from our partners.
The Best CD Rates Held—Or Even Ticked Up
With the latest Federal Reserve rate cut now two weeks in the rear view mirror, the best nationwide CD rates have mostly held firm. That means you can still earn 5.00% with the best 1-year CD, or at least that rate with five more CDs that range from 3 to 8 months. That includes the national rate leader, Nuvision Credit Union, with its 5.50% 8-month certificate. If you open that CD this weekend, your annual percentage yield (APY) will be guaranteed until late July.
But you’d better act fast, as Nuvision’s website includes fine print saying its 8-month promotional CD will only be available through Nov. 30, 2024. Since that’s over Thanksgiving weekend, it would be smart to lock in this CD in the coming few days if it interests you.
Every business day, we track the certificate of deposit rates available from more than 200 banks and credit unions that offer nationwide certificates. With the Federal Reserve lowering interest rates by a half percentage point in September and now another quarter point this week, CD rates have been on the downswing. But it’s not too late to lock in a guaranteed return that’s still exceptional and will pay dividends for months or years into the future.
What About Jumbo CDs?
In theory, you can earn more by opening a jumbo CD (which typically requires a deposit of at least $50,000) than you can with a standard CD. But this is not always true. One reason is that a lot more banks and credit unions offer standard CDs, so the rate competition in that market is much stiffer.
Right now, you can earn more with the best jumbo certificates in only one of the terms we track, the 2-year term. For all other CD durations, you can open a conventional certificate and earn more. Just put your jumbo-sized deposit in one of these leading standard CDs.
Where Are CD Rates Headed?
It’s always true that a CD offer can be pulled at any time. And because further interest-rate cuts are expected from the Federal Reserve, it’s likely that the 5% CD rates we’ve been enjoying will begin vanishing. Right now, the majority of interest rate traders predict the Fed will lower the federal funds rate by another 0.25 percentage points at either its December or January meeting. Additional reductions are predicted for 2025. This will put added downward pressure on CD rates, as well as on savings account rates.
That means it’s wise to move quickly on a CD that’s available now, as you may not have another chance to lock in that rate. In addition, consider the longest CD term you can manage, since any CD rate you lock in now is yours to enjoy until it matures. For instance, opening a 2-year CD can guarantee you’ll earn a high rate as far into the future as November 2026. And 3-, 4-, and 5-year CDs will secure your stellar return even longer.
Tip
With online banking, you can apply for any of these CDs on the weekend, which might be easier than trying to fit it in during the week. Though your application likely won’t be processed over the weekend, the bank or credit union will have it Monday morning and you won’t have to worry about applying during busy work or school hours.
Daily Rankings of the Best CDs and Savings Accounts
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.